If the Dow Jones Industrial Average is Michael Jordan, the Dow Jones Transportation Average is Scottie Pippen.
You don’t get all those banners without both of them. You don’t get dynasties with just one guy putting up numbers.
That’s what keeps hitting me when I look at this market.
People love to talk about the Dow Industrials. The levels. The headlines. The milestones.
But none of it matters if the Transports aren’t right there with them.
This isn’t a “pick one” situation. It never has been.
Bull markets are built on confirmation. Production and delivery. The companies that make the goods and the ones that move them.
When they’re both trending higher, that’s when things get real.
Right now, that’s exactly where the test is.
Scottie at the Line: Breakout or Breakdown?
I’ve been in the camp that this is a multiyear base breakout for the Dow Jones Transportation Average.
This is Scottie in his prime. Not just showing up. Dominating. Running with the Dream Team in ’92 and making it look easy. No drama. Just results.
That’s what a clean breakout is supposed to look like.
But markets aren’t highlight reels. They test you.
That’s exactly what we’re seeing:
The level we’re coming back into is the former ceiling. Multiple failed attempts over the past few years. Everyone saw it. We all remember them.
So what is this?
Is this the classic kickback? Former resistance turning into support before the next leg higher?
Or is this thing about to fail and trap everyone leaning the wrong way?
Because this part matters. You don’t get bull markets without Transports confirming. You just don’t.
Could the Bulls have won without Scottie? Maybe. We’ll never know. But we do know this.
You’re not getting a real bull market without the Dow Transports participating.
The market needs Scottie.
Right here, right now, we’re about to find out if he’s ready to play.
The Only Test That Matters Right Now
I was walking through this exact idea yesterday in front of a packed room at the Four Seasons in Las Vegas.
I’m out here for a couple days speaking at the Oxford Club’s Investment U Conference, and somehow also found myself in a charity poker tournament last night.
The feedback was great. People got it right away. The Scottie reference landed better than I expected, but it makes sense.
It simplifies what can feel complicated. Because at the end of the day, it really is that simple.
You’ve got the companies that make the goods. Those are the Dow Industrials.
And you’ve got the companies that move those goods. Those are the Dow Transports.
If both aren’t working, neither is the bull case.
So here we are, right back at that level. Is this the retest that holds and sends Transports ripping higher?
Or are we about to look back on this as the Great Whipsaw of 2026?
Everybody else is busy debating headlines. Wars. Valuations. AI narratives.
I think they’re focused on the wrong things.
The biggest test in the market is happening right here.
Forget everything else.
Can Scottie get it done?
Stay sharp,
JC Parets, CMT
Founder, TrendLabs